Independent fund and corporate services provider Aztec Group has provided administration services to help the fundraising activities and final close of Norvestor’s latest fund, Norvestor VIII, SCSp.
Aztec Group supported the establishment of Norvestor VIII and will continue to provide ongoing administration and accounting services from its Guernsey and Luxembourg offices.
At the beginning of the year, Aztec Group supported Highland Europe’s latest fund launch, Highland Europe Technology Growth IV Limited Partnership.
Nordic private equity firm Norvestor has a local presence in Norway, Sweden, Finland and Denmark. Its new fund reached €800 million of committed capital from a diversified group of existing and new investors from Europe, North America and Asia.
Norvestor says it will continue its successful strategy in creating Nordic champions teaming up with successful founders and managers.
Cara McErlane, associate director, private equity at Aztec Group, says: “Congratulations to Norvestor on the final close of Fund VIII. The fact that they have secured commitments of 800 million, despite the challenging market conditions caused by COVID-19, speaks volumes for Norvestor’s reputation and excellent track record in the market.”
McErlane says it’s also interesting to see “experienced private equity firms such as Norvestor continue to leverage environmental, social and governance (ESG) as a competitive advantage and a growth driver, a sign that ESG considerations are more of a priority than ever”.
Rebecca Farr, head of investor relations at Norvestor, adds: “We are delighted that Norvestor VIII was oversubscribed, with a good blend of existing and new investors. Raising a new fund digitally has been a new experience for us, but demonstrating their partnership approach and commitment to our business, the Aztec Group supported us through this process and delivered a seamless experience for us and our investors, even in the remote fundraising environment.”
The fund has made four platform investments, PHM, Smart Retur, Pearl and Smartvatten, all resilient business services companies with true Nordic growth ambitions.
